4 UNITS OF SYLLABUS

INTRODUCTION TO IB
ECONOMICS
NOTE

We will go over everything that is in this brief overview of IB

Economics over the course of this year and next. Comprehnesion will
be enhanced by providing examples and practice.
1. SYLLABUS UNITS & OUTLINE
SYLLABUS OUTLINE
 OUTLINE – DP YEAR 1

Term Content Summatives (with dates) Internal Assessment

Term 1 • Unit 1 Introduction to economics (first 3 weeks) • Paper 1(a) style summative
• Unit 2 Microeconomics part 1: Demand, Supply, Market assessment towards last week of
equilibrium, elasticities November
Term 2 • Unit 2 Microeconomics part 2: Government intervention, • Paper 2-style summative Internal Assessment
Market failure assessment towards mid-February Commentary 1 Rough Draft
• Unit 2 Microeconomics part 3 (HL only): rational producer • Paper 3-style summative around first week of April
behavior, market forms assessment towards first week of
• Unit 3 Macroeconomics part 1: national income, AD/AS March (HL only)
model •
Term 3 • Unit 3 Macroeconomics part 2: demand and supply side • Paper 1(b) style summative Internal Assessment
policies, macroeconomic objectives (unemployment, assessment towards last week of Commentary 1 Final Draft
inflation) May around second week of May
• End of year exams: Paper 1 &
Paper 2 (SL & HL), Paper 3 (HL
only)

+ Summer homework: finish macroeconomic objectives, start looking for articles for Commentary 2
 OUTLINE – DPYEAR 2

Term Content Summatives (with dates) Internal Assessment

Term 1 • Unit 3 Macroeconomics part 3: review macroeconomic • Paper 2 style summative Internal Assessment
objectives + inequality and poverty assessment towards mid-October Commentary 2
• Unit 4 The Global Economy part 1: International trade, • Paper 3 style summative • Rough Draft around first
Economic Integration, balance of payments, exchange assessment towards end of week of November
rates October • Final Draft around first
week of December

Term 2 • Unit 4 The Global Economy part 2: Economic • Mock Exams: Paper 1 & Paper 2 Internal Assessment
Development (SL & HL), Paper 3 (HL only) Commentary 3
• Paper 1, 2, 3 style practice • Rough Draft around mid-
assessments February
• Internal Assesment Commentary • Final Draft around last
3 week of March

FINAL EXAMS – April/May 2025

2. ASSESSMENT COMPONENTS
ASSESSMENT COMPONENTS

Assessment component Time Weighting SL Weighting HL

External Assessment 70% 80%
- Paper 1 75 minutes 30% 20%
- Paper 2 105 minutes 40% 30%
- Paper 3 105 minutes __ 30%
Internal Assessment 30% 20%

For Assessment Objectives (Aos) see section 3

PAPER 1

• Students answer one question from a choice of three

• The questions are each subdivided into two parts (a) and (b): each is an extended response question (essay-style) but
are introduced by different command terms which indicate different assessment objectives for each of the two parts.
• The questions can be on topics from the whole syllabus and may be different between SL and HL (à includes HL
only topics)

• 75 minutes
• Weighting:
SL: 30%
HL: 20%
PAPER 1 - MARKBANDS
PAPER 2

• Students answer one question from a choice

of two
• The questions are each subdivided into seven
parts (a), (b), (c), (d), (e), (f), and (g). Parts (a)
and (b) both have subparts showing (i and iii).
Parts (a) and (b) mostly require closed
answers, (c) to (f) short open answers while
(g) is an extended response question (essay
style) imilar to paper 1 part (b).
• Paper 2 is the same for HL and SL (therefore
questions exclude specifically HL topics,
although HL students can use their HL topics
knowledge in their answers)
• Time: 105 minutes
• Weighting:
SL: 30%
HL: 20%
PAPER 2 - MARKBANDS
PAPER 3 (HL ONLY)

• Students answer two compulsory questions

• The questions are subdivided into parts (a)
and (b). Part (a) has subparts. Part (a) contains
• several short closed and open answer
questions, while part (b) is an extended
response question (similar to paper 1 part (b)
and paper 2 part (g)).
• Many question parts in part (a) require the
use of a caluclator.
• Time: 105 minutes
• Weighting for HL: 20%
PAPER 3 - MARKBANDS
 INTERNAL ASSESSMENT (IA) - REQUIREMENTS

The IA for IB Economics (SL and HL) consists of a portfolio of 3 commentaries

based on articles from published news media.
Requirements
• Each commentary must non exceed 800 words • Each article must be from a newspaper, journal or the
Rubric requirements (Criterion F) internet: not television, radio broadcast, social media post
1. Every commentary must be based on a different unit of etc.
the syllabus. • The commentary must be in english, the article can be in
Commentary Unit a different language but in this case an accurate
translation of the article must be provided (the original
1 Unit 2 - Microeconomics
article must be included as well).
2 Unit 3- Macroeconomics • Key concept: each of the three commentaries must use
3 Unit 4- The Global Economy a different key concept as a lens through which to analyse
2. Each commentary must be from a different and the published extracts: if students use the same key
appropriate source concept twice they will loose 3 points in criterion D, if
3. The articles must be published no earlier than 1 year they use it 3 times they will loose 6 points in criterion D.
before the writing of the commentary.
 INTERNAL ASSESSMENT (IA) - FOCUS

Each commentary must:

The portfolio must include the articles

INTERNAL ASSESSMENT- ASSESSMENT CRITERIA OVERVIEW
INTERNAL ASSESSMENT- ASSESSMENT CRITERIA MARKBANDS
3. ASSESSMENT
OBJECTIVES/COMMAND TERMS
ASSESSMENT OBJECTIVES (AOs)
COMMAND TERMS 1/5
COMMAND TERMS 2/5
COMMAND TERMS 3/5
COMMAND TERMS 4/5
COMMAND TERMS 5/5
COMMAND TERMS DIVIDED BY ASSESSMENT OBJECTIVE
4. KEY CONCEPTS AND REAL
WORLD ISSUES
 9 CENTRAL CONCEPTS OF IB ECONOMICS

Scarcity Choice Efficiency

Refers to the idea that resources are Economic decision-makers continuously have to Refers to the idea of making the best possible
insufficient to satisfy unlimited human wants make choices between competing alternatives. use of scarce resources and minimizing waste.
and needs.

Change Interdependence Intervention

The real world that economics studies is Refers to the idea that economic decision- Governments intervene in markets for a variety
characterised by continuous change in makers interact and depend on each other, at of reasons. There is disagreement among
institutional, technological, social, political all levels. economists about the need for and the extent
cultural environments in which economic of government intervention.
events occur.

Equity Economic well being Sustainability

Refers to the concept of faireness (normative Multidimensional concept referering to the Refers to limiting the degree to which
concept). Not the same as equality (sameness level of prosperity and the quality of living economic activities of the current generation
of treatment or outcomes for different people) standards enjoyed by members of an economy. create harmful enviromental outcomes
but mostly used in connection with equalirty in Includes security with respect to income and (depletion/degradation of resources) which
the distribution of income wealth abd wealth (having a job and hoiusing), ability to compromise the furure generations’ ability to
oppurtunity, meet basic needs. satisfy their own needs.
6 REAL WORLD ISSUES

Micreoeconomics

Macroeconomics

The Global Economy

INTRODUCTION TO IB ECONOMICS AND ITS 9 KEY CONCEPTS - I
INTRODUCTION TO IB ECONOMICS AND ITS 9 KEY CONCEPTS- II
INTRODUCTION TO IB ECONOMICS AND ITS 9 KEY CONCEPTS- III